GAINESVILLE, VA-Federal Capital Partners has paid $20 million in cash for 127 units in the 140-unit Somerhill Farms condominium community here. The property is a six-building, low-rise community located at 7351 Yountville Dr. This is FCP's first acquisition in this submarket, FCP's Jason Bonderenko tells GlobeSt.com. "We like this submarket--it has limited rental competition but is still a growth market." One sign of that growth, he says—there is the likelihood of a VRE station opening there.
Somerhill was originally developed in 2006. In 2008, 13 of the 140 units were sold to individual buyers. The developer that built the property eventually went into foreclosure. FCP acquired the property from the lender, which is a foreign bank, according to Bonderenko. The lender, though, had the property for a year and stabilized it in the interim, he adds. "From a performance perspective I would not call it a distress property."
Somerhill Farms is the FCP's fourth investment in Northern Virginia in less than four months. Andy Boyer and Jonathan Greenberg of CB Richard Ellis represented the seller in the transaction.
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